DFNG.L vs. PAVE

Last updated Jun 13, 2026

DFNG.L (VanEck Defense ETF A USD Acc GBP) and PAVE (Global X US Infrastructure Development ETF) are both exchange-traded funds - DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index, while PAVE is a Industrials Equities fund tracking the INDXX U.S. Infrastructure Development Index. Both are passively managed. Over the past 3 years, DFNG.L returned 37.60%/yr vs 22.61%/yr for PAVE. At a 0.35 correlation, their price movements are largely independent. DFNG.L charges 0.55%/yr vs 0.47%/yr for PAVE.

Performance

DFNG.L vs. PAVE - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Defense ETF A USD Acc GBP (DFNG.L) and Global X US Infrastructure Development ETF (PAVE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFNG.L is traded in GBP, while PAVE is traded in USD. To make them comparable, the PAVE values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, DFNG.L achieves a 1.28% return, which is significantly lower than PAVE's 21.48% return.

DFNG.L

• 1D: 0.00%
• 1M: 0.84%
• YTD: 1.28%
• 6M: 2.03%
• 1Y: 14.48%
• 3Y*: 37.60%
• 5Y*: —
• 10Y*: —

PAVE

• 1D: 1.10%
• 1M: 3.18%
• YTD: 21.48%
• 6M: 18.21%
• 1Y: 39.09%
• 3Y*: 22.61%
• 5Y*: 19.06%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFNG.L vs. PAVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFNG.L VanEck Defense ETF A USD Acc GBP	1.28%	56.54%	46.20%	-1.18%
PAVE Global X US Infrastructure Development ETF	21.48%	10.86%	19.98%	20.95%

Correlation

The correlation between DFNG.L and PAVE is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.35

Return for Risk

DFNG.L vs. PAVE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFNG.L

DFNG.L Risk / Return Rank: 20
DFNG.L Sharpe Ratio Rank: 20
DFNG.L Sortino Ratio Rank: 21
DFNG.L Omega Ratio Rank: 20
DFNG.L Calmar Ratio Rank: 19
DFNG.L Martin Ratio Rank: 19

PAVE

PAVE Risk / Return Rank: 67
PAVE Sharpe Ratio Rank: 67
PAVE Sortino Ratio Rank: 69
PAVE Omega Ratio Rank: 60
PAVE Calmar Ratio Rank: 71
PAVE Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFNG.L vs. PAVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense ETF A USD Acc GBP (DFNG.L) and Global X US Infrastructure Development ETF (PAVE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFNG.L	PAVE	Difference
Sharpe ratio: Return per unit of total volatility	0.59	2.11	-1.51
Sortino ratio: Return per unit of downside risk	1.01	2.85	-1.84
Omega ratio: Gain probability vs. loss probability	1.12	1.36	-0.24
Calmar ratio: Return relative to maximum drawdown	0.74	3.55	-2.81
Martin ratio: Return relative to average drawdown	1.83	13.28	-11.45

DFNG.L vs. PAVE - Sharpe Ratio Comparison

The current DFNG.L Sharpe Ratio is 0.59, which is lower than the PAVE Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DFNG.L and PAVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFNG.L vs. PAVE - Drawdown Comparison

The maximum DFNG.L drawdown since its inception was -22.59%, smaller than the maximum PAVE drawdown of -37.23%. Use the drawdown chart below to compare losses from any high point for DFNG.L and PAVE.

Drawdown Indicators

	DFNG.L	PAVE	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-37.23%	+14.64%
Max Drawdown (1Y) Largest decline over 1 year	-19.68%	-11.06%	-8.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.68%	-27.59%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.59%	—
Current Drawdown Current decline from peak	-17.26%	0.00%	-17.26%
Average Drawdown Average peak-to-trough decline	-4.98%	-5.99%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.94%	2.95%	+4.99%

Volatility

DFNG.L vs. PAVE - Volatility Comparison

VanEck Defense ETF A USD Acc GBP (DFNG.L) has a higher volatility of 8.19% compared to Global X US Infrastructure Development ETF (PAVE) at 7.12%. This indicates that DFNG.L's price experiences larger fluctuations and is considered to be riskier than PAVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNG.L	PAVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.19%	7.12%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	19.02%	15.13%	+3.89%
Volatility (1Y) Calculated over the trailing 1-year period	24.56%	18.64%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.38%	20.52%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.38%	23.76%	-0.38%

DFNG.L vs. PAVE - Expense Ratio Comparison

DFNG.L has a 0.55% expense ratio, which is higher than PAVE's 0.47% expense ratio.

Dividends

DFNG.L vs. PAVE - Dividend Comparison

DFNG.L has not paid dividends to shareholders, while PAVE's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFNG.L VanEck Defense ETF A USD Acc GBP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAVE Global X US Infrastructure Development ETF	0.76%	0.92%	0.54%	0.68%	0.84%	0.48%	0.44%	0.67%	0.78%	0.30%

Frequently Asked Questions

Can I hold both DFNG.L and PAVE in my portfolio?

DFNG.L and PAVE have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFNG.L or PAVE?

On fees, PAVE is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNG.L or PAVE?

PAVE is cheaper with a 0.47% expense ratio, compared with 0.55% for DFNG.L.

What is the main difference between DFNG.L and PAVE?

DFNG.L is categorized as Aerospace & Defense, while PAVE is Industrials Equities. DFNG.L tracks MarketVector Global Defense Industry index, while PAVE tracks INDXX U.S. Infrastructure Development Index. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.55% for DFNG.L and 0.47% for PAVE.